Payment devices, such as credit cards and debit cards, allow consumers to perform financial transactions using the financial account associated with the payment device. For example, a consumer may pay for groceries with a debit card that is linked to the consumer's checking account. In this case, the payment device identifies the financial account and, accordingly, the financial account is debited by the amount of the financial transaction.
Occasionally, an unauthorized person may perform fraudulent financial transactions with the financial account, such as by using a stolen the payment device. Currently, multiple different techniques are used to prevent fraud. For example, a merchant may compare a signature on the payment device with a signature provided by the person performing the transaction. Alternatively, the merchant may request identification of the person performing the transaction and compare the identification with a name on the payment device.
Fraud prevention may also be performed by financial institutions. For example, a financial institution may have a general rule for all financial accounts managed by the financial institution that a certain number of gas purchases in a single day triggers a fraud alert. Because of the fraud alert, the consumer may not be able to perform financial transactions with the financial account until the consumer contacts the financial institution. Specifically, all financial transactions performed with a financial account having an associated fraud alert are denied.